G-III Apparel Group (NASDAQ:GIII) Shares Gap Up Following Earnings Beat

G-III Apparel Group, Ltd. (NASDAQ:GIII)’s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $25.34, but opened at $29.30. G-III Apparel Group shares last traded at $28.69, with a volume of 210,815 shares trading hands.

The textile maker reported $1.27 EPS for the quarter, topping the consensus estimate of $0.97 by $0.30. G-III Apparel Group had a net margin of 5.59% and a return on equity of 11.66%. The business had revenue of $839.50 million during the quarter, compared to the consensus estimate of $808.59 million. During the same period in the previous year, the firm posted $0.76 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

GIII has been the subject of several research analyst reports. Guggenheim lifted their target price on G-III Apparel Group from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Telsey Advisory Group decreased their price objective on shares of G-III Apparel Group from $38.00 to $30.00 and set a “market perform” rating for the company in a research note on Friday. KeyCorp increased their price objective on shares of G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. UBS Group reduced their target price on shares of G-III Apparel Group from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Finally, StockNews.com lowered shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $32.00.

Institutional Trading of G-III Apparel Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GIII. AlphaQuest LLC purchased a new stake in shares of G-III Apparel Group during the 4th quarter worth about $49,000. Quarry LP purchased a new position in G-III Apparel Group during the third quarter worth approximately $63,000. Smartleaf Asset Management LLC grew its holdings in G-III Apparel Group by 249.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,977 shares of the textile maker’s stock valued at $64,000 after purchasing an additional 1,412 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of G-III Apparel Group in the fourth quarter valued at approximately $68,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of G-III Apparel Group by 93.2% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,026 shares of the textile maker’s stock worth $92,000 after buying an additional 1,460 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

G-III Apparel Group Stock Up 2.2 %

The business has a 50-day moving average price of $29.46 and a 200-day moving average price of $30.45. The stock has a market cap of $1.17 billion, a PE ratio of 7.00 and a beta of 2.09. The company has a current ratio of 2.63, a quick ratio of 1.75 and a debt-to-equity ratio of 0.13.

G-III Apparel Group Company Profile

G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. The company operates through two segments, Wholesale Operations and Retail Operations. Its products include outerwear, dresses, sportswear, swimwear, women's suits, and women's performance wear; and women's handbags, footwear, small leather goods, cold weather accessories, and luggage.